JBF Industries net jumps five-fold in Q3 at Rs 185.61-crore

Published: Monday, January 31, 2011, 22:01 [IST]

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Mumbai, Jan 31 (PTI) Petrochemicals player, JBFIndustries, has registered an over five-fold jump in netprofit in the third quarter to Rs 185.61-crore as compared tothe year-ago period, helped by a steep rise in the price ofone of its major products, polyester films.

Prices of BOPET films used in packaging were "verybuoyant" during the quarter and more than doubled to up to USD4,000 per tonne as the world emerged out of a financialslowdown, the company''s Managing Director, Rakesh Gothi, toldreporters here today.

The films division, though lowest by revenues, deliversthe maximum profits for the company followed by the chips andPOY divisions which also witnessed a good growth, he said.

The company will be spending USD 71-million foraugmenting its capacities in facilities in the United ArabEmirates and up to Rs 27-crore for India operations during thecalendar year, he said.

The company is targeting to close FY 11 with a net profitof Rs 500-crore as compared to Rs 129-crore it had recordedlast year, he said.